Nobel Prize Economist, Joseph Stiglitz, does not believe crypto is a positive thing for society; in fact, he called for efforts to “shut them down”.
In an interview with , Stiglitz advocated the need to implement a digital money system. For him, the advantages of using electronic payments make these technologies a safer, more transparent and efficient way to carry out transactions when compared with traditional cash.
“I’ve been a great advocate of moving to an electronic payments mechanism. There are a lot of efficiencies. I think we can actually have a better regulated economy if we had all the data in real time, knowing what people are spending,”
However, he was emphatic in pointing out that while he
advocates electronic payments, are not the best
implementation:
“We have a very good currency so far; the currency’s been run in a very stable way, there’s no need for anyone go to a
…I actually think we should shut down the .”
For the economist, the lack of control and is extremely dangerous for the economic development of our society. Stiglitz explains that because there were not enough means to trace the funds, the use of made it very easy to engage in illicit activities such as money laundering, tax evasion, etc.
Crypto = Dark Platform
Joseph Stiglitz said he was concerned that people were “moving things off of a transparent platform and into a dark platform.” He commented that according to his research, an increasing percentage of the global wealth was being stored in these dark havens.
As reported by our partner site , Stiglitz’s findings are congruent with the results of a survey conducted by deVere on more than 700 high-net-worth individuals. It concluded that about 70% of people with more than 1.3M USD in investments own some crypto or are interested in investing in and technologies.
However, those who support the use and of
defend this technology from Stiglitz’s arguments.
First, many argue that due to its decentralized nature, it
is impossible for a government or central entity to “shut down” crypto.
Similarly, neither the nor cryptos are a “dark haven”. In fact, the is much more transparent and auditable than traditional banking operations. Everyone can see the movements that happen on the , now, dark markets and other similarly ilicit platforms exist and take advantage of these technologies but undoubtedly criminals move more resources through fiat money than through .
And this is a fact proved by the
Published at Mon, 06 May 2019 23:19:37 +0000
